Consumer confidence in the UK has improved slightly from last month, according to the latest figures from the Growth for Knowledge (GfK) index.
There are signs of a tentative optimism from consumers, as the monthly consumer confidence index recorded a seven-point improvement from -45 to -38 points amongst the public. In spite of the improvement in consumer confidence, this rise comes from an exceedingly low bar, with the GfK sounding a note of caution that consumer confidence remains “severely depressed”.
In challenging circumstances such as these, outside counsel may provide a crucial window into what customers care about and how to navigate these.
Despite some tentative signs of hope, it’s evident that we’re still in the midst of a historically challenging and uncertain period, with weak growth, inflation still high and the risk of a recession looming, not to mention a persistent cost of living crisis and supply chain issues.
As recently as this week, we’ve seen major UK supermarkets restricting the number of fresh vegetables customers can purchase and witnessed a misjudged call from the Environment Secretary to cherish home grown vegetables such as turnips, which was met with despair and derision from the public.
All of this will be playing on the minds of business leaders as well as policymakers and customers.
Communicating effectively with stakeholders during this time of crisis is essential.
With a retail audience, businesses must lay out their plan to ensure the continuity of their work, to mitigate supply chain issues and demonstrate an understanding and appreciation of the challenges facing its audience. Our Financial Communications team can work with your business to craft and hone this message and effectively and sensitively communicate this.
Despite last week’s positive signals, there are still persistent long- and short-term challenges to growth which will continue to concern consumers and constrain businesses.
With clear, decisive messaging and confidence, supported by counsel from experts, businesses can weather this storm and keep their key stakeholders on side with them as they go.
Our financial policy experts have been advising clients on the impact of inflation and more. To find out more about the work we do, please contact us.